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    The Austrian way: Director conduct in the context of legal and cultural frameworks of corporate governance

    Access Status
    Fulltext not available
    Authors
    Bickley, Maureen
    Nowak, Margaret
    Date
    2005
    Type
    Book Chapter
    
    Metadata
    Show full item record
    Citation
    Bickley, Maureen and Nowak, Margaret. 2005. The Austrian way: Director conduct in the context of legal and cultural frameworks of corporate governance. In Lehman, C.R. and Tinker, T. and Merino, B. and Niemark, M. (ed), Advances in Public Interest Accounting, pp 145-166. Amsterdam: Elsevier.
    Source Title
    Advances in Public Interest Accounting : Volume 11 : Corporate Governance : Does any size fit?
    ISBN
    9781849503426
    Faculty
    Curtin Business School
    Graduate School of Business
    School
    Graduate School of Business, Curtin University of Technology
    Remarks

    A copy of this publication is held in the Curtin Authors Collection at Curtin University Library - see Related Links field for a link to the catalogue record.

    URI
    http://hdl.handle.net/20.500.11937/43246
    Collection
    • Curtin Research Publications
    Abstract

    In recent years there has been considerable discussion of and some movement towards harmonisation of governance structures and processes between EU and North America in particular. Multilateral organisations such as the World Bank together with the expansion of the EU in 2004 have provided added impetus for a broader focus on harmonisation. At the same time, emanating from the USA, the requirement to confirm to Sarbanes Oxley has exerted unilateral pressure on individual corporations worldwide. The authors argue, however, that a "one size fits all" approach to governance is not consistent with the different cultural values, frameworks and legal systems which are the various national contexts of governance. These differences are consistent with alternate paradigms concerning the motivation and behaviours of directors. It is further argued that these differences are relevant to discussion of corporate sustainability. The authors note that the theoretical models, agency theory and stewardship theory, are each consistent with alternative accountability approaches and thus different approaches to director motivation. A qualitative study of Austrian company directors is used to investigate whether the recent development of a more open economy coupled with the global capital market is generating a convergent model of director conduct. It was apparent that a stakeholder approach, where stewardship theory best explains the processes to mediate director conduct, continues to best describe the Austrian way. This contrasts with "theory in use" in Anglo/US practice which conforms to the tenets of Agency theory. We conclude with a discussion of the implications for sustainability management.

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